Lower interest rates for Egyptian farmers
Many farmers in Egypt will now be able to take advantage of lower interest rates, officials have confirmed.Many farmers in Egypt will now be able to take advantage of lower interest rates, officials have confirmed.
According to the Principal Bank for Development and Agricultural Credit, 90 per cent of farmers in the African nation own less than one feddan of land, the Egypt State Information Service reports.
However, many of these individuals who use their land to produce crops are currently hit with relatively high interest rates when they apply for a loan.
As a result, the bank is planning to reduce the amount to three per cent, subject to government approval, as well as speed up the amount of time it takes to pay the money to their customers.
This will put a clear dividing line between farmers with relatively small plots of land who produce crops and those who concentrate on producing corn, wheat, cotton and other staple goods.
The bank plans to set interest rates of approximately five per cent for these agricultural workers.